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Good afternoon, I noticed that employment income is included in the income tax return, and tax is charged on the taxable income. why then do we pay monthly P.A.Y.E to the tax authorities if its already included in the yearly income tax return?
The tax return shows income from all sources, including employment income to compute the total taxable income of the tax year and thus the income tax liability.
In then computing the amount of tax payable by the taxpayer any income tax already paid through the PAYE system is deducted from the tax liability as shown in many of the examples in the notes.good afternoon,
The tax band for standard personal income tax rates are:
1 – 33500 = 20%
33501 – 150000= 40%
150001 + = 45%.
The 45% has a maximum amount that turns in turnover tax, and the turn over tax has a maximum that turns in company income tax rates. these tax rates are inter connected. am I right?
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